Vinings GA Real Estate

Cross Creek Atlanta

Condos, Condominiums, Townhomes, Townhouses

Atlanta, GA

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Cross Creek Condos in Atlanta are probably the single largest condominium complex inside I-285. Consisting of 900 homes and 18-hole golf course, these homes should be seeing double-digit growth in values. But they are not.

I am perplexed by this community, as they seem highly undervalued and should be selling for much more. In a way, Cross Creek Condominiums has become victims of their own size and scale. With 900 homes and 10% continually on the market, they essentially have become their own competition as home values only rise based on prior sale prices and demand within the area. Supply within this community continually outstrips demand leaving buyers with a great deal of negotiating power.

To this end, there appears to be a growing number of residents who have been engaged in discussions regarding selling their community as a whole to potential developers.

Cross Creek Atlanta offers buyers what no community has to offer, an 18 hole golf course complete with clubhouse, pool and fitness center. The drive into the community is impressive and a guardhouse keeps out unwanted visitors. Located in Atlanta, off I-75 near Howell Mill Rd, the location of this community is nothing short of strategically perfect.

Cross Creek features dozens of buildings around the complex featuring 1, 2 and 3 bedroom units of impressive size and square footage. The buildings are spread out with plenty of parking and privacy and to be honest, too much open space. For the residents and homeowners in Cross Creek, this is great feature. A homebuilder today would never use the land so generously and would probably double or triple the amount of homes in the same space.

The buildings in Cross Creek are mostly 2 to 4 story buildings featuring everything from single story flats to multi-story townhomes and true to form of a 30 year old community, the original home builder made sure that even the 1 bedroom units offered excessive amounts of square footage. From a pure “cost per square foot” this community probably offers the best deal inside I-285.

While some units have hardly been touched in terms of renovation and still reflect the interiors of the Bell Bottoms era, many units have been renovated several times over. You may view one unit that features absolutely nothing of interest and then move to the next unit which features granite counter tops, hardwood floors, crown molding and every upgrade imaginable.

Cross Creek has also been undergoing some major exterior repairs that are probably past due and some units show neglect from the Home Owners Association which may explain why prices have dragged compared to other condos in Atlanta. HOA dues in Cross Creek seem to reflect these growing maintenance costs and run up as high as $350 a month for some units.

When you combine the rising cost of trying to maintain 30 year old buildings with that of a community golf course, there are some potential liabilities that you have to take into consideration when buying a Cross Creek home. On the plus side, home values in Cross Creek already reflect any potential liability and risk.

Cross Creek condominiums have several issue that I would probably be concerned with. The first being the electrical breaker boxes. Some units I looked at feature very old and out of code boxes that could be potentially hazardous. Also look for units that have experience flooding in the past or been on the receiving end of water drainage. Once wet, drywall becomes a home for mold growth, which can release toxic poisons. You can’t just let the wallboard dry out. It has to be replaced.

Cross Creek is located near Nancy Creek, which is a notorious flood zone, and residents have had issues with this in the past. The Cross Creek HOA does not appear to be as responsive to residents needs when this occurs so I recommend flood insurance. Also, part of the community extends up the side of a hill top so units along this ridge can receive heavy rain water as runoff works its way down the side of a hill. Look around the edges of the building you are considering buying into to spot areas where rainwater may build up.

With these issue at hand, Cross Creek still represents an opportunity for a first time home buyer to get into the game for little money. On the other hand, the current resident of Cross Creek would probably be better served selling their community off to a developer. But before you go running to purchase a home in Cross Creek in hopes a developer is going to buy them out, you might want to think twice.

900 home owners will probably all have very diverse and wide ranging feelings about this. No doubt, the residents of Cross Creek will require more for their homes than what any home builder would be willing to pay. While the land has undeniable value to a developer, the buildings will not. The best chance that Cross Creek residents would have in redeveloping their community would be to sell off a large portion of their land or the whole community at a conservative sum and then work out a deal to repurchase in a newly redeveloped community at very affordable price.

A developer could rework Cross Creek to allow current residents to have a nicer, newer condo of similar square footage on probably half the land they current utilize for their buildings leaving plenty of land left over for high end homes. The only way that Cross Creek residents would be able to come out ahead is to make their money on the back end of a deal.

If Cross Creek were to redevelop their community, their condominiums would probably sell for about double what they do today.

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